PayActiv is a San Jose-based employer-sponsored earned wage access and holistic financial wellness platform delivered via a mobile app. Led by CEO and co-founder Safwan Shah, the certified B Corp and Public Benefit Company provides multiple ways for users to access earned wages — direct cash pickup, a PayActiv prepaid card, instant Visa or Mastercard debit load, ACH payments, bill payments, Amazon purchases, and Uber rides. It also offers AI- and machine learning-backed financial wellness and planning tools to help users save, budget, and manage money. The company serves more than 4 million employees at over 1,000 businesses across retail, food services, business processing services, and over 400 senior living and healthcare businesses; clients include Walmart, Wayfair and Ibex Global. PayActiv secured $100M in Series C financing and has structured an expandable variable funding facility with Security Benefit. The company says the combination of growth equity and the VF Facility will enable expansion of its customer base and support current clients with financial wellness benefits to improve employee engagement and retention. PayActiv offers a mobile, employer-delivered financial wellness platform that provides earned‑wage access, bill pay, budgeting and savings tools, discounts, and financial counseling and education. The company reports settling more than $100 million in earned wage access transactions each month and estimates employees avoid about $10 million per month in overdraft, late fees and interest charges. PayActiv says it has grown six-fold in the past year and has signed distribution agreements such as with Walmart (covering 1.4 million associates) and an ADP agreement that opens services to more than 600,000 businesses. Founded in 2012 and based in San Jose, the company positions itself as an alternative to payday loans, overdrafts and other high‑cost short‑term credit. PayActiv plans to use new capital to expand its platform, accelerate growth and develop additional high‑impact solutions for financially stressed workers. The company emphasizes employer ROI through improved retention, productivity and recruitment as part of its value proposition. PayActiv is a Silicon Valley–headquartered financial-technology company and certified B Corp that offers employer-delivered financial wellness services through its cloud-based MyMoNow solution. MyMoNow lets employees access earned-but-unpaid wages (up to $500) instantly and includes free bill pay, bank transfer, budgeting, and savings tools. The solution is delivered as an employer membership benefit, requires no credit checks, can typically be live within one to two days, and imposes no out-of-pocket cost or cash-flow risk on employers. PayActiv positions its product as an alternative to payday and other high-cost small-dollar lending, aiming to reduce financial stress and improve productivity, retention, and related employer costs. Following strong growth in 2015, the company has secured $9.2 million in financing to expand and enhance its suite of turnkey employment-based financial wellness offerings. Founded by Safwan Shah, PayActiv emphasizes serving lower-income workers and measuring employer benefits through reduced absenteeism and improved employee satisfaction.

Total raised

$129M

Funding rounds

4

Latest round

Series C

Latest activity

Aug 2020